How do mergers and acquisitions differ? Multiple choice question. A merger describes the joining of two independent companies, while an acquisition describes the purchase or takeover of a firm. A merger is when two firms are forced to join together; an acquisition is when two firms join willingly. A merger is when two firms join together; an acquisition is when more than two firms join together. A merger describes the domestic takeover of a firm, while an acquisition describes the international takeover of a firm